COMMERCE 2MA3 Chapter Notes - Chapter 17: Avon Products, Gross Domestic Product, Franchising

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat L Sud

Document Summary

Globalization: refers to the increased flow of goods, services, people, technology, capital, information and ideas around the world; has economic, political, social, cultural, and environmental impacts. Trade sanctions: penalties or restrictions imposed by one county over another country for importing and exporting of goods, services, and investments. Tariff (or duty): a tax levied on a good imported into a country. Dumping: the practice of selling a good in a foreign market at a price that is lower than its domestic price or below its cost. Quota: designates the maximum quantity of a product that may be brought into a country during a specified period of time. Bo(cid:455)(cid:272)ott: a group"s refusal to deal (cid:272)o(cid:373)(cid:373)er(cid:272)iall(cid:455) (cid:449)ith so(cid:373)e orga(cid:374)izatio(cid:374)s to protest agai(cid:374)st its poli(cid:272)ies. E(cid:454)(cid:272)ha(cid:374)ge (cid:272)o(cid:374)trol: refers to the regulatio(cid:374) of a (cid:272)ou(cid:374)tr(cid:455)"s (cid:272)urre(cid:374)(cid:272)(cid:455) e(cid:454)(cid:272)ha(cid:374)ge rate. Trade agreement: intergovernmental agreement designed to manage and promote trade activities for specific regions. Trading bloc: consists of those countries that have signed a particular trade agreement.